值得注意的是，美元指数当日仅微跌0.07%，并未对贵金属上涨形成显著推动。GTC泽汇资本认为，这 种"美元中性"的环境使得市场更关注基本面和情绪面的驱动因素。从盘中表现来看，金价一度冲高至 3922.70美元的历史新高，随后快速回落，最终收于3892.60美元。这种走势不仅出现在黄金期货，也在 其他贵金属品种中有所体现。白银价格盘中同样冲高后遇阻回落，而铂金和钯金则维持窄幅震荡，显示 资金在主要品种间的轮动特征。 10月2日，贵金属市场在最新交易日延续强势，投资者在疲弱的就业数据与不断上升的避险需求之间寻 找平衡。GTC泽汇资本表示，在复杂的宏观背景下，贵金属整体表现出的韧性不仅是短期资金的避险选 择，更折射出市场对利率周期、资产配置和长期通胀预期的深层次考量。 最新的ADP就业报告显示，9月私营部门减少了3.2万个岗位，而市场此前预期为增加5万个。这是自 2020年以来首次连续两个月就业萎缩，也是自2023年3月以来的最大降幅。GTC泽汇资本认为，就业市 场的疲软不仅压低了对经济复苏的信心，也强化了市场对美联储维持降息通道的预期。在利率回落环境 下，非收益类资产的吸引力显著增强，这对黄金、白银及其他贵金属均 ...

来源：市场资讯 9月4日，近期，黄金价格大幅飙升至历史新高，背后驱动力主要来自就业市场持续走弱的迹象以及市场 对美联储货币宽松政策的强烈预期。GTC泽汇资本认为，在劳动力市场疲软和货币政策拐点的共振下， 贵金属市场正迎来新的支撑周期，黄金的避险和配置价值持续上升。 避险需求叠加政治经济不确定性 除货币政策外，更广泛的政治和经济不确定性也在持续强化黄金的避险吸引力。对美联储独立性的担忧 以及贸易政策潜在风险，均为黄金提供额外支撑。GTC泽汇资本认为，持续的上涨不仅是对短期经济数 据的反应，更反映了长期结构性不确定性下，机构与零售投资者对黄金需求的增强。 多重因素叠加支撑黄金前景 综合来看，就业市场持续恶化、货币政策宽松几乎板上钉钉，以及政治经济风险升温，三者的交汇为黄 金提供了前所未有的有利环境。GTC泽汇资本认为，在当前复杂的经济与政策背景下，贵金属资产将继 续在多元化投资组合中占据重要地位，特别是在劳动力市场进一步下行与政策持续宽松的情境下，黄金 有望维持其高位震荡甚至进一步上行的趋势。 最新的JOLTS职位空缺与劳动力流动调查数据显示，岗位空缺降幅超过市场预期，且四年多来首次出现 求职人数超过岗位数量的情 ...

Group 1 - The core viewpoint of the article highlights a significant adjustment in the precious metals market due to the unexpectedly high U.S. PPI, which reignited inflation concerns and weakened expectations for interest rate cuts by the Federal Reserve [1] - The U.S. July PPI increased by 3.3% year-on-year, surpassing the previous value of 2.3% and the forecast of 2.5%, marking the highest level since February of this year [1] - The CME "FedWatch" tool indicates a 92.1% probability of a 25 basis point rate cut in September, while the likelihood of maintaining the current rate is only 7.9% [1] Group 2 - SPDR Gold ETF holdings decreased by 2.86 tons to 961.36 tons, while iShares Silver ETF holdings fell by 28.25 tons to 15,071.31 tons [1] - SHFE silver inventory decreased by 15.7 tons to 1,150.8 tons, and SGX silver inventory dropped by 64.5 tons to 1,304.5 tons as of the week ending August 8 [1] - The focus of investors is shifting towards the upcoming Jackson Hole global central bank conference, where interest rate cut prospects and succession issues will be discussed [1]

Core Insights - The precious metals market experienced significant adjustments due to the unexpectedly high U.S. PPI, reigniting inflation concerns and diminishing expectations for interest rate cuts [1] - The U.S. July PPI rose 3.3% year-on-year, surpassing previous values and expectations, marking the highest level since February [1] - Long-term fund holdings have changed, with SPDR Gold ETF holdings decreasing by 2.86 tons and iShares Silver ETF holdings decreasing by 28.25 tons [1] Economic Data - U.S. July PPI month-on-month increased by 0.9%, the largest rise since June 2022, with expectations at 0.2% [1] - Core PPI year-on-year rose by 3.7%, exceeding expectations and previous values, also the highest since February [1] - CME FedWatch indicates a 92.1% probability of a 25 basis point rate cut in September, with a 7.9% chance of maintaining the current rate [1] Market Movements - COMEX gold contract closed at $3382.3 per ounce, down 0.76%, while SHFE gold contract rose by 0.31% to 778.7 yuan per gram [1] - SHFE silver contract increased by 0.77% to 9286 yuan per kilogram, while COMEX silver contract fell by 1.47% to $38.035 per ounce [1] - The overall market sentiment is shifting towards a potential long-term bullish outlook, with short-term adjustments expected [1]

Core Viewpoint - The article highlights the significant rise in platinum prices, which are expected to increase by 50% by 2025, making it a popular alternative to gold among younger consumers [1][2]. Group 1: Price Trends - As of July 9, 2025, the spot platinum price has increased nearly 50%, surpassing gold's performance [2][3]. - The year-to-date performance of platinum shows a 49.68% increase, while silver has also seen a rise of over 25% [3]. Group 2: Market Demand - Platinum is gaining popularity as a "gold alternative" due to its price advantage and rarity, especially among younger consumers [8][10]. - Sales of platinum jewelry have increased significantly, particularly in the wedding market, where platinum rings are in high demand [10][12]. Group 3: Supply and Demand Dynamics - The surge in platinum prices is driven by supply shortages and a substitution effect from gold, with a reported 10% decrease in global platinum supply in Q1 2025 [14]. - The demand for platinum is bolstered by traditional uses in automotive and chemical industries, as well as emerging applications in hydrogen energy [14]. Group 4: Investment Sentiment - Investors are increasingly viewing silver and platinum as attractive investment options, with expectations of continued price increases in the coming years [11][15]. - The World Bank forecasts a 17% increase in silver prices in 2025, while platinum is expected to rise by 10% [15].

Group 1 - The precious metals market is experiencing a strong rally, with silver prices reaching a 13-year high and platinum hitting a two-year high, indicating investor enthusiasm for industrial precious metals [1] - As of Friday, spot silver continued its upward trend, having surged 4.5% the previous day, while platinum prices rose by 1.7% during the day, and gold also saw an increase [1] - The recent price increases are driven by both technical momentum and fundamental improvements, with strong physical silver demand in India and a recovery in platinum demand in China providing significant market support [1] Group 2 - Over the past 12 months, gold has risen over 40%, primarily supported by escalating global trade tensions and continued central bank purchases [1] - Although silver and platinum have year-to-date increases of approximately 19% and 13% respectively, they lag behind gold; however, their industrial properties are crucial drivers, with silver being a key material for solar panels and platinum widely used in internal combustion engines and catalytic converters [1] - Predictions indicate that both silver and platinum markets may face supply shortages this year [1] Group 3 - If silver can maintain a price above $35 per ounce, it may trigger increased retail investor interest; platinum ETF holdings have increased by over 3% since mid-May, indicating a return of funds to the market [1] - Silver ETFs have seen continuous inflows since February, with a nearly 8% increase in holdings [1] - Palladium prices also rose by 1.4% on Friday, influenced by market sentiment [1] Group 4 - As of the latest report, spot gold is priced at $3,368.87 per ounce, with a weekly increase of 2.4%, while the Bloomberg Dollar Index has slightly risen by 0.1% [2] - The market is focused on upcoming U.S. employment data, with an unexpected rise in initial jobless claims reinforcing expectations for at least two interest rate cuts by the Federal Reserve this year [2] - The current precious metals rally reflects a blend of safe-haven demand and industrial recovery, with silver and platinum needing to maintain key price levels while monitoring ETF fund flows and economic data for sustainability of the upward trend [2]

Group 1 - The precious metals market in April exhibited three main characteristics: first, COMEX gold reached a historical high of $3509.9 per ounce before retreating, with policy expectations causing increased volatility, resulting in a monthly fluctuation exceeding 12% [1][2] - Second, silver lagged due to its industrial properties, with the gold-silver ratio climbing to 105.26, a 20-year high, although expectations for the peak season of photovoltaic installations hinted at an inventory turning point [1][2] - Third, the market's trading logic shifted from "stagflation hedging" to "interest rate speculation," with the uncertainty of the Federal Reserve's policy path becoming a core variable for price fluctuations [1][2] Group 2 - Looking ahead to May, the precious metals market may enter a "data validation period," with three core variables expected to dominate price trends: first, the Federal Reserve's May meeting, where despite expectations to maintain interest rates, any indication of liquidity easing could strengthen gold's anti-stagflation narrative [3] - Second, the "gray rhino" effect of global geopolitical risks continues to support demand for gold as a safe-haven asset [3] - Lastly, the realization of the peak season for photovoltaic installations is crucial, with China's first-quarter photovoltaic capacity additions increasing by 38% year-on-year, although declining component export prices may delay silver inventory replenishment [3] - The company maintains a strategy of "anchoring trends with gold and capturing elasticity with silver," focusing on support levels for COMEX gold around $3150 to $3250 per ounce and stronger bullish support for Shanghai gold futures near 760 yuan per gram [3]